News

Colibri Reports Evelyn Property Update: Phase 1 Drilling Complete

June 13, 2022

NEWS RELEASE - Dieppe, NB., June 13, 2022 - Colibri Resource Corporation (CBI-TSXV) ("Colibri" or the "Company") is pleased to report that Phase 1 of a planned 2 phase, 10,000 metres (“m”), fully funded Reverse Circulation (“RC”) drill program at the Evelyn Gold Project (“Evelyn”) located in the Caborca Gold Belt, northwestern Sonora, has been completed.

Phase 1 drilling at the Evelyn project was completed during the first week of June and totalled 6,547 m drilled in 45 holes.  Results from the first 22 holes (3,122 m) completed in the fall of 2021 were released in February (See news release dated February 8th, 2022) and assays are pending for the remaining 23 holes (3,425 m) recently completed.

The Company’s RC drill rig has been demobilized from the Evelyn property and has been moved to its storage facility in Hermosillo for routine care and maintenance and is expected to be mobilized in the near term to its Diamante Project located in eastern Sonora to complete a 2,000m drilling program.

PHASE 1 Drill Program highlihgts

Phase I drilling at Evelyn was planned to evaluate areas of anomalous and higher-grade Au assay results from surface and trench exposures coincident with magnetic gradients and lineaments and with structures identified through geological mapping.  Phase I drilling has been completed at selected targets within the El Sahuaro, Cerro Rojo, and West Evelyn target areas. 

Phase II drilling at the Evelyn Gold project is currently being planned to follow-up on positive results from Phase 1, to test Chargeability targets derived from the Companies’ Induced Polarization Survey completed in 2021, and to evaluate targets under Tertiary cover based on on-going property wide interpretation.

Highlights of previously released results include an intersection of 12.19 grams per tonne (“g/t”) Au over an intersection length of 3 metres (“m”) in hole EVE21-027 and 33.7 g/t Au over and intersection length of 1 m in hole EVE21-019. (See news release dated February 8th, 2022)


Illustration 1: Evelyn property. Previously released Phase 1 drill program assay results highlights.

Highlighted Sample Results from Phase 1A

Hole ID From To Length Au (g/t Cutoff
EVE21-007 51 53 2 1.272 .2 g/t Au
includes 51 52 1 2.150 2 g/t Au
EVE21-012 147 149 2 0.208 .1 g/t Au
EVE21-013 151 152 1 0.243 .2 g/t Au
EVE21-014 29 30 1 0.749 .2 g/t Au
EVE21-014 39 41 2 0.574 .2 g/t Au
EVE21-014 44 45 1 0.200 .2 g/t Au
EVE21-014 74 76 2 0.318 .2 g/t Au
EVE21-014 140 141 1 0.227 .2 g/t Au
EVE21-015 46 47 1 0.527 .2 g/t Au
EVE21-015 56 78 22 0.172 .1 g/t Au
includes 60 64 4 0.220 .2 g/t Au
includes 72 73 1 1.160 .2 g/t Au
includes 77 78 1 0.254 .2 g/t Au
EVE21-016 17 20 3 0.210 .1 g/t Au
EVE21-016 38 39 1 0.264 .2 g/t Au
EVE21-016 75 77 2 0.344 .2 g/t Au
EVE21-016 101 102 1 0.207 .2 g/t Au
EVE21-017 16 18 2 0.289 .2 g/t Au
EVE21-017 24 25 1 0.817 .2 g/t Au
EVE21-017 151 152 1 0.328 .2 g/t Au
EVE21-018 5 9 4 0.143 .1 g/t Au
includes 8 9 1 0.277 .2 g/t Au
EVE21-018 40 41 1 0.320 .2 g/t Au
EVE21-018 69 70 1 0.274 .2 g/t Au
EVE21-018 77 102 25 0.103 .1 g/t Au
includes 101 102 1 0.706 .2 g/t Au
EVE21-018 143 144 1 0.246 .2 g/t Au
EVE21-019 8 9 1 0.283 .2 g/t Au
EVE21-019 28 43 15 2.360 .1 g/t Au
includes 28 29 1 33.700 5 g/t Au
includes 33 34 1 0.477 .2 g/t Au
includes 40 41 1 0.218 .2 g/t Au
EVE21-019 77 80 3 0.199 .2 g/t Au
EVE21-019 118 122 4 0.229 .2 g/t Au
EVE21-019 125 126 1 0.228 .2 g/t Au
EVE21-020 7 11 4 0.302 .1 g/t Au
includes 7 8 1 0.805 .2 g/t Au
EVE21-020 110 114 4 0.825 .1 g/t Au
includes 111 114 3 1.058 .2 g/t Au
EVE21-020 127 128 1 0.357 .2 g/t Au
EVE21-020 138 139 1 0.792 .2 g/t Au
EVE21-020 197 198 1 0.882 .2 g/t Au
EVE21-021 11 17 6 0.198 .1 g/t Au
includes 13 15 2 0.270 .2 g/t Au
EVE21-021 69 70 1 0.335 .2 g/t Au
EVE21-021 145 146 1 0.284 .2 g/t Au
EVE21-021 151 152 1 0.204 .2 g/t Au
EVE21-022 8 11 3 0.157 .1 g/t Au
EVE21-022 23 24 1 0.223 .2 g/t Au
EVE21-022 46 47 1 0.549 .2 g/t Au
EVE21-022 66 69 3 0.428 .1 g/t Au
includes 66 67 1 0.985 .2 g/t Au
EVE21-022 78 79 1 0.276 .2 g/t Au
EVE21-022 144 147 3 0.208 .2 g/t Au
EVE21-023 5 6 1 0.283 .2 g/t Au
EVE21-023 9 10 1 0.571 .2 g/t Au
EVE21-023 39 40 1 0.214 .2 g/t Au
EVE21-024 38 39 1 0.624 .2 g/t Au
EVE21-025 54 64 10 0.096 .1 g/t Au
EVE21-026 3 7 4 0.257 .1 g/t Au
includes 3 4 1 0.446 .2 g/t Au
EVE21-026 65 66 1 0.237 .2 g/t Au
EVE21-026 64 79 15 0.196 .1 g/t Au
includes 72 77 5 0.412 .2 g/t Au
EVE21-027 12 13 1 0.322 .2 g/t Au
EVE21-027 32 46 14 2.818 .1 g/t Au
includes 38 46 8 4.823 .2 g/t Au
includes 41 44 3 12.190 3 g/t Au
includes 42 43 1 30.000 5 g/t Au
EVE21-027 55 56 1 0.287 .2 g/t Au
EVE21-027 99 100 1 0.204 .2 g/t Au
EVE21-027 104 113 9 0.185 .1 g/t Au
includes 104 105 1 0.759 .2 g/t Au
includes 108 109 1 0.366 .2 g/t Au
EVE21-027 120 123 3 0.264 .2 g/t Au
EVE21-027 159 165 6 0.121 .1 g/t Au
EVE21-027 186 187 1 0.221 .2 g/t Au
Note: Reported lengths for all holes are intersection lengths. True widths are not known.  True widths for holes EVE21-026 and EVE21-027 are estimated to be approximately 75% and 70% of intersection lengths respectively.

Table 1: Highlighted Assay Results – Phase 1 - Drilling November & December 2021

Evelyn Geology and exploration

The Evelyn Gold Project is an Orogenic-type gold target located in the Caborca Gold Belt of northwestern Sonora.  The property is located approximately 25 kilometres (“km”) east of La Herradura, Mexico's largest open pit gold mine, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per tonnes (“g/t”) Au and is also approximately 9 km northeast of the Noche Buena mine which produced 87,988 ounces Au at an average grade of 0.52 g/t Au in 2020.  The setting and style of mineralization at Evelyn is similar to that reported from La Herradura and Noche Buena.  Higher grade mineralization on the Evelyn property consists of quartz veins and veinlets, ranging from 2 – 3 centimeters up to 1.5 m hosted by fault and fracture zones with minor oxidized pyrite, iron oxide, copper bearing oxide and carbonate minerals, and locally minor to trace amounts of galena, chalcopyrite, and sphalerite.  Alteration of the host rocks includes iron bearing carbonate minerals, quartz, sericite, and chlorite.  Lower grade mineralization is associated with altered volcanic rocks containing minor amounts of oxidized sulfide.  Mineralization is hosted dominantly by Jurassic volcanic rocks consisting of andesite and rhyolite.

The exploration model being developed and tested by the Company relates the mineralization consisting of higher-grade veins and veinlets hosted by altered and sulphide bearing lower grade metamorphic and volcanic rocks, to north-northeast trending stratigraphy and layer-parallel fault zones and southeast striking, moderately southwest dipping fault zones.  

Qualified Person

Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed 2021 and 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures- CSE:TOC ), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4,and 5 are subject to earn-in agreements by Silver Spruce Resources – TSX.V-SSE ).

For more information about all Company projects please visit: www.colibriresource.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274,